Dear Fellow Investor,

If you are in search of outstanding investment performance, you are also in search of great ideas.

At our fully online events, you will not only save time, money and the hassle involved in traveling to a physical venue, but you will also benefit from more timely insights and more differentiated ideas.

We have partnered with The Manual of Ideas, the acclaimed investment monthly, as well as with tech leaders Cisco, Microsoft, and Google to bring you a series of live events dedicated to your success.

Our renowned instructors look forward to meeting you at a ValueConferences event soon!

Sincerely,
Your ValueConferences Team

Conference Format

Each conference is a two-day, fully online event. Attend sessions, meet the experts, and network with peers — from the comfort of your home or office.

Day One: Wisdom
The first day of each conference focuses on deepening your understanding of the conference topic. For example, Day One of the European Investing Congress looks at the status of the eurozone crisis, key implications for investors, and the process for finding great ideas.

Day Two: Ideas
The second day of each conference focuses exclusively on money-making investment ideas. Our instructors present long equity ideas that meet stringent fundamental investment criteria. Day Two will satisfy your desire to have the event you attend more than pay for itself. Enjoy and profit!

Advisors

Dan Abrahams is Managing Partner of Alfreton Capital. Previously, he was a Partner at Praxient Capital LLP, an event-value investment manager based in London. He joined Praxient at launch in 2007 and works as a generalist, focussing on European equities. Prior to joining Praxient, Dan worked in Corporate Finance at Deutsche Bank. He began his career with Arthur Andersen and graduated from the University of Oxford with a First Class degree in Economics and Management. Dan is a CFA Charterholder and is the co-chair of the Value Investing Special Interest Group of the UK CFA Society.

Arne Alsin has been active in investment management since 1990. He received his Doctor of Jurisprudence degree from the University of Oregon School of Law in 1984. He has worked as an accountant with the international accounting firm KPMG Peat Marwick. In recent years, Arne has made numerous appearances as a guest on the CNBC, Bloomberg and Fox networks. Arne has been quoted or featured in a number of different print media, such as the Wall Street Journal, Money magazine, Fortune, and Forbes, among others. He has written over 250 columns on investing for The Financial Times, TheStreet.com and Realmoney.com. Arne is an accomplished public speaker and has spoken on various investing issues for both private and public companies, including the Boeing Company, and has lectured at the University level.

Beniamino Francesco (Ciccio) Azzollini serves as Chief Executive Officer of Cattolica Partecipazioni, a value-oriented investment firm based in Molfetta (Bari), Italy. Ciccio has completed executive program courses in Value Investing at Columbia University in New York City and has achieved a diploma in Portfolio Management at New York University SCPC. He worked from 2000 through 2003 as Fund Manager at Abax Bank in Milan. Since 2003, he is CEO of Cattolica. He is also co-founder of the Value Investing Seminar in Italy and founder of More Love Charity Association.

Philip Best launched the Argonaut Micro Cap Fund in June 2003 and is a founding partner and major shareholder of Argos Managers. He has 26 years’ experience of the European investment scene having started as a fund manager at Warburg Investment Management (later Mercury/Merrill Lynch). At Warburg, Philip launched and managed the Mercury European Income Fund. In 1987 he joined Enskilda Securities as a broker specialising in European small cap companies. In 1994 he established and ran the Paris office of The Europe Company Limited, a specialist research-driven European small cap brokerage which was sold to Jefferies & Co in 2000. Philip joined Gadd & Cie in Geneva in January 2003 and The Argonaut Fund was launched later that year. Born in 1960, Philip graduated from Oxford University in 1982 and worked in London for six years before moving to Paris in 1988 and then in Geneva in 2003. He is bilingual in English and French.

Jeroen Bos is an Investment Director of Church House Investment Management, a provider of investment management services for private individuals and family groups, including their pension funds, trusts and charitable foundations, and for institutions such as pension funds, friendly societies and charities. Jeroen worked in the City of London for more than 25 years and most recently for Seilern Investment Management Ltd. He was a director of Panmure Gordon & Co. Ltd from 1989 to 1999. He holds a diploma in Economics from Sussex University and is a member of the Chartered Institute for Securities & Investment. Jeroen is the investment manager of the CH Deep Value Fund.

David Coyne serves as portfolio manager at Setanta Asset Management, a value-oriented investment firm based in Dublin, Ireland. He joined Setanta in 2006 and has 13 years investment experience. He began his career with AIB Investment Managers as a trainee fund manager, against the backdrop of the ‘TMT’ bubble in the late-90s. This experience continues to serve him as a lasting reminder of why it never pays to invest with the crowd or to pay premium prices for hype – key tenets of value investing. He has managed the Global Financials sector fund since joining the firm. In addition, David co-manages the concentrated equity fund Focus 15 and Setanta’s absolute return Long Haul Fund. David has a primary degree in Maths / Economics from Trinity College, Dublin and an MSc in Investment and Treasury from Dublin City University.

Simon Denison-Smith is a co-investment manager of the SF Metropolis Valuefund, which was seeded by the media business, Metropolis International, a company which he and Jonathan Mills founded in 1994. The SF Metropolis Valuefund invests long-only in a concentrated portfolio of undervalued equities, drawing extensively from the valuation and due diligence disciplines developed from the experience of over 20 private company buy outs in the media business. Prior to founding Metropolis International, Simon was a strategy consultant with Bain & Co. He also founded Rave Technologies, a software business that services clients across a wide range of industries. Simon sold this business to Northgate IS PLC in 2006, delivering a 32% annual return to Rave’s principal investor. Simon graduated from Bristol University with a Bsc in Economics.

Kyle Doherty is a Principal at Morgenthaler. He joined the venerable venture capital firm in 2010 from Harvard Business School and is a Principal on the Information Technology team. Kyle is based in Menlo Park, CA and primarily focuses on investments in the consumer internet sector. Prior to business school, Kyle was a Research Associate at Morgan Stanley, focusing on wireline and wireless telecommunications equipment, healthcare services and information technology. Previous experiences include working as a Research Associate at Thomas Weisel Partners, covering consumer financial products, and marketing for New Relic, a cloud services company. Kyle holds an M.B.A. degree from Harvard Business School and a B.S. degree from the Massachusetts Institute of Technology.

Ori Eyal is Founder and Portfolio Manager of Emerging Value Capital Management (EVCM), a long-short global value fund. The firm’s in-depth research explores the merits of each investment in the context of a global market. Ori worked at Deutsche Bank Asset Management, Deephaven Capital Management and Aquamarine Fund. He holds an MBA from the University of Chicago Booth School of Business and an MSc. in Computer Science from the Open University of Israel. Ori has experience investing in both developed and emerging markets. His interests include economics, strategy, logic games and puzzles, artificial intelligence, science, physics, astronomy, and futurology.

Don Fitzgerald, CFA has worked as an investment and finance professional in Europe for the past fifteen years and spent the last eight years identifying, analyzing and managing portfolios of undervalued securities in the European equity and distressed debt markets. Prior to that he spent seven years in corporate and investment banking. He has worked in Dublin, London, Frankfurt and Paris. He graduated from Trinity College Dublin with a first class honours degree in 1996. Don co-manages the Tocqueville Value Europe fund. The fund’s multi-capitalization investment strategy is contrarian and value-oriented and stock selection is bottom-up, based upon intensive proprietary research and a disciplined investment process. Don is rated A by Citywire for risk-adjusted returns and the fund ranks among the top-performing European equity mutual funds over the past decade with five out of five ratings from Lipper in all categories. Tocqueville Finance is a Paris-based value house with ca. €1.2 billion in assets under management. The company has followed a value investing philosophy since its foundation in 1991.

Massimo Fuggetta is a London-based value investor. He was a founding partner at Horatius, an asset management company in Milan. Previously he was CIO and CEO of Sanpaolo Asset Management in Milan, and a portfolio manager with JP Morgan Investment Management in London. He holds a D.Phil. in Economics from Oxford University. He has run courses in Behavioural Finance at Bocconi University. He is a member of the CFA Institute and has served on the Editorial Board of the Financial Analysts Journal, where he currently serves as a referee.

Daniel Gladiš, CFA is CEO of VLTAVA Fund, a value-oriented research-driven investment fund based in Brno, the Czech Republic. VLTAVA Fund was launched in September 2004 and has amassed a market-beating track record. Previously, Daniel was Director and Chairman of the Board of Directors of ABN AMRO Asset Management (Czech) from 1999–2004. He was also Director and founder of Atlantik finanční trhy, a.s., member of the Prague Stock Exchange. Daniel is author of Naučte se investovat (Learn to Invest).

Jeffrey Hamm is a long-time value investor and expert on Berkshire Hathaway. He serves as an analyst at van Biema Value Partners, an SEC-registered investment adviser established by Michael van Biema in 2004 specializing in creating portfolios of small, deep value-oriented hedge funds for sophisticated clients around the globe. The firm offers a select group of funds as well as customized solutions for both institutional and individual investors seeking expertise in accessing what has proven to be a compelling long-term investment niche within the global markets.

Charles Heenan heads the investment team and overall management of the Kennox Strategic Value Fund. He has 16 years experience in global stock markets and over this time he has developed his own distinct value approach to global investing. In 1997 Charles joined First State Investments (then called Stewart Ivory) where he was involved in all aspects of the highly successful Asia Pacific (ex Japan) and Emerging Markets team’s investment activities. Prior to this Charles was with Brockhouse & Cooper, a consultant and broker firm based in Montreal. Charles achieved the Chartered Financial Analyst designation in 1995. Charles and Geoff Legg launched the Strategic Value portfolio, then known as the Contrarian Global Value Fund, in July 2007.

Vitaliy Katsenelson is Chief Investment Officer at Investment Management Associates. He the author of The Little Book of Sideways Markets (Wiley, 2010) and Active Value Investing (Wiley, 2007). While his primary focus is on discovering undervalued companies for his clients, he is also known for his uncommon common sense, which is regularly expressed in articles in the Financial Times, Barron’s, Bloomberg BusinessWeek, the Christian Science Monitor, Institutional Investor, and the New York Post, among other outlets. You can find archive of his articles on ContrarianEdge.com. He speaks frequently to investment groups around the world, and was most recently profiled in Barron’s in September 2009. Previously, he was also an adjunct faculty member at the University of Colorado Graduate School of Business where he taught Practical Equity Analysis class. He is a CFA charter holder, member of CFA Institute, and has served on the board of the CFA Society of Colorado. Katsenelson received both his bachelor of science and his master of science in finance from the University of Colorado at Denver.

Joshua Kennedy is Managing Partner of Sonian Capital Management, a global value investment firm based in Boston. Prior to joining Sonian in 2011, Joshua acted as Director of Research at Liberty Square Asset Management in Boston and also served as the Portfolio Manager for a global, deep-value, small-cap fund. Joshua began his career on the news staff of The Wall Street Journal and later apprenticed in the international office of American Century Investments in New York. He currently serves on the Board of Directors of Beyond Capital Fund, a non-profit provider of early-stage capital to businesses with a measurable social impact in India and East Africa. Joshua holds a BA in Religious Studies from Brown University and an MBA from New York University.

Nick Kirrage is a value-oriented fund manager who oversees £4 billion of assets with two colleagues. Nick has spent more than ten years at Schroders, initially working as part of the Pan European research team proving insight and analysis on a broad range of sectors from Transport and Aerospace to Mining and Chemicals. In 2006, Nick and Kevin Murphy took over management of the Schroder Recovery Fund, a UK product with a forty-year track record of identifying and exploiting deeply out-of-favor investment opportunities. In 2010, Nick and Kevin also took over management of the Schroder Income Fund, the UK equity team’s flagship value product. Together with Kevin and Andrew Lyddon, Nick forms part of the value investment team, responsible for over £4 billion of UK assets, managed in a disciplined value style.

Paul McNulty, CFA is a portfolio manager at Setanta Asset Management, a value-oriented investment firm based in Dublin, Ireland. He has been with Setanta since 2000, having spent just under two years with PricewaterhouseCoopers as a consultant. He is a dedicated proponent of the value investment philosophy and continues to develop his knowledge through both formal education and practical experience. Paul’s sector specialty is Global Consumer Staples and he is part of the High-Yield team. Paul also has extensive experience in the field of derivatives, successfully managing overwriting funds for several years. He has a BSc in Finance from Queens University Belfast (1997) and an MSc with distinction in Finance from Queens University Belfast (1998). He is a CFA Charterholder and a member of the Irish branch of the CFA Institute.

Ryan Morris is the Managing Partner and founded Meson Capital Partners, LP in February 2009. Meson focuses on deep value, activist investments. From June 2011, Ryan has been a member of the equity committee for HearUSA, which was responsible for selling the company assets and tripling the value to equity holders. Prior to founding Meson, Ryan was co-founder and CEO of VideoNote, a small and profitable educational software company with customers including Cornell University and The World Bank. Ryan has a Bachelors and Master’s degree in Operations Research and Information Engineering from Cornell University and has completed the CFA Program.

Kevin Murphy started at Schroders in 2000, initially working on the UK equity desk. He joined the Pan European research team in 2003, looking to further his analytical skills, initially covering the Housebuilding and Construction sectors. After three years, Kevin moved back to the UK Fund management desk, taking on co-management of the Schroder Recovery Fund, a UK product with a forty-year track record of identifying and exploiting deeply out of favor investment opportunities, alongside Nick Kirrage. In 2010, Kevin and Nick also took over management of the Schroder Income Fund, the UK equity team’s flagship value product. Together with Nick and Andrew Lyddon, Kevin forms part of the value investment team, responsible for over £4 billion of UK assets, managed in a disciplined value style.

Ravi Nagarajan founded The Rational Walk in February 2009. Ravi is a private investor with a passion for applying value investing techniques to identify securities trading well below intrinsic business value. He initially created The Rational Walk as a “no frills” blog intended to foster discussion of value investing concepts. The site now focuses on publishing in depth equity research for purchase. It is also available for custom equity research projects on an engagement basis. Prior to founding The Rational Walk, Ravi held technical and executive level positions in the commercial software industry, with a primary focus on business applications. Ravi graduated summa cum laude from Santa Clara University with a degree in finance.

Mark O’Friel is the Managing Partner of MOF Capital, an alternative investment fund focused on investments in Japan and China. Prior to starting MOF Capital, Mark O’Friel was with Steel Partners Japan G.K. as Managing Director and head of the Tokyo office in 2008 and 2009. Previously, Mr. O’Friel jointly led Morgan Stanley’s U.S. proprietary trading business in North America from 2002 to 2005. There he directed a multi-strategy long short group with two quantitative market neutral portfolios and six sector long short portfolios. Mr. O’Friel formerly directed Morgan Stanley’s Equity Division in Japan, acting as both senior equity risk manager and as a member of the firm’s Global Equity Operating Committee from 1996 to 2002. Under his leadership, Morgan Stanley achieved leading market share in the Japanese equity market and received Institutional Investor’s top ranking for equity research in Japan. Mr. O’Friel served on the committees of the Tokyo Stock Exchange that wrote the regulations and guidelines for program trading, options trading and new technologies. He also represented Morgan Stanley on the board of the Osaka Stock Exchange. He began his Morgan Stanley career as an equity derivatives and program trader, introducing some of the first quantitative trading strategies in the Japanese market. Mr. O’Friel began his career in Japan as a market strategist for Sanyo Securities. Mr. O’Friel serves on the board of the Kennedy Child Study Center in New York City. He is a member of the Leadership Council of the Harvard School of Public Health. He is active with the Harvard School of Public Health China Initiative which partners with the Chinese Ministry of Health to advance health and social development in China, Room to Read, Math for America and Harvard College. He is a graduate of Harvard College.

Max Otte, Ph.D. is one of the most prominent academics in the field of value investing. Having received his doctorate degree from Princeton University, he became professor of corporate finance at Fachhochschule Worms in Germany in 2001. In 2011, Max became professor of quantitative and qualitative business leadership at the Karl-Franzens-University in Graz. He is also founder of an independent financial advisory firm and a center for value investing in Germany, as well as author of the German bestseller Der Crash kommt. The latter was published in 1996 and predicted the financial tsunami caused by the implosion of the U.S. subprime sector. More recently, Max has authored the books Stoppt das Euro-Desaster! and Endlich mit Aktien Geld verdienen.

Stephen Roseman, CFA is the Chief Executive Officer and Portfolio Manager of Thesis Fund Management. Prior to launching Thesis Fund Management, Stephen founded Thesis Capital, a long short equity hedge fund, in 2005. While at Thesis Capital, Stephen was often successful in identifying undervalued companies and frequently took an activist role in companies he believed would benefit from a change in strategy. In 2007, Institutional Investor News named Stephen one of its “Rising Stars” in hedge funds. Before Thesis Capital Management, he was a Senior Vice President and Portfolio Manager at Kern Capital Management and a Vice President and Senior Analyst at OppenheimerFunds, Inc. Stephen currently sits on several boards and is dedicated to improving financial literacy with respect to alternative investment strategies and investing. He received his M.B.A. from Fordham Graduate School of Business Administration, a B.A. from Arizona State University, and has over 15 years of investment industry experience.

Jake Rosser is the managing partner of Coho Capital Management. Jake founded Coho in 2007 after working in equity research positions at the value-oriented Auxier Focus Fund and sell-side firm Pacific Crest Securities. He was also a strategy consultant at Alliance Consulting Group. He holds an MBA from Tuck and lives in Portland, Oregon.

Yusuf Samad is a professional trustee and a guest lecturer on the Topics in Asset Management course at the London Business School. Until February 2011, Yusuf was an Investment Principal at Aon Consulting advising UK pension fund clients on investment governance, strategy, implementation, manager selection and monitoring. Previously, Yusuf was a senior investment consultant at Hewitt Bacon & Woodrow and a member of the hedge fund manager research team. Formerly a trustee and investment committee member of the Citibank (UK) Pension Scheme, Yusuf is presently a trustee of the Sodexo Pension Scheme. He has over 25 years experience as a banker with Citibank. Yusuf is a Fellow of the Society of Investment Professionals, a Chartered Financial Analyst and a Chartered Alternative Investment Analyst. He was Chairman of CFA UK.

Rahul Saraogi serves and managing director and leads Atyant Capital Advisors, advisor to the Atyant Capital India Fund. In the last 10 years he has focused on the Indian markets. His mission is to consistently identify the best 10-15 investment ideas from among the thousands of publicly-traded Indian corporations. Rahul’s value-based investment philosophy stands apart due to his belief in the paramount importance of corporate governance, specifically how management operates with its minority shareholders in mind. Prior to Atyant, Rahul spent four years leading Meridian Investments, generating a 430% absolute return for the firm’s high net worth clients. Rahul graduated from the Wharton School of the University of Pennsylvania with a degree in Economics. Outside of Atyant, he practices Vipassana, a 2,500 year-old meditation technique that helps people see things as they really are. Rahul splits time between Chennai, India and Miami.

Pavel Savor, Ph.D. is Assistant Professor of Finance and the Cynthia and Bennett Golub Endowed Faculty Scholar at The Wharton School of the University of Pennsylvania. He is the co-author of Do Stock Mergers Create Value for Acquirers?, published in the Journal of Finance, and How Much Do Investors Care About Macroeconomic Risk? Evidence From Scheduled Economic Announcements, published in the Journal of Financial and Quantitative Analysis. Previously, Pavel served as Head of the M&A Department of Pliva, a European pharmaceutical company. He holds BA and MA degrees from Yale University and MA and PhD degrees from Harvard University.

Josh Shores, CFA is senior analyst and principal with Southeastern Asset Management, a value-oriented investment firm managing more than $30 billion in assets, including the highly regarded Longleaf family of mutual funds. Josh has ten years of investment experience. He has been with Southeastern since 2007 and is based in London. Josh holds a BA in philosophy and religious studies from the University of North Carolina.

Kenneth Shubin Stein, MD, CFA is the founder of Spencer Capital Management, a value-oriented investment management firm that formed in 2003. Ken is also an adjunct professor at the Columbia University Graduate School of Business. Prior to Spencer Capital, Ken was a portfolio manager at Promethean Investment Group, having co-founded and managed Compo Asset Management, a value-oriented investment partnership that merged into Promethean. Before 2000, Ken pursued a simultaneous career in medicine. Prior to founding Compo, he worked as a medical technology analyst for the Abernathy Group in New York, an investment management firm specializing in the medical and technology sectors. Ken is a graduate of the Albert Einstein College of Medicine with a special focus on molecular genetics. He graduated with a B.A. from Columbia College in 1991 with dual concentrations in premedical studies and political science.

Guy Spier is CEO of the Aquamarine Fund, an investment partnership inspired by, and styled after the original 1950’s Buffett partnerships. In June 2007 he made headlines by bidding US$650,100 with Mohnish Pabrai for a charity lunch with Warren Buffett. In 2009 he was featured in “the Checklist Manifesto”, by Atul Gawande regarding his use of checklists as part of his investment process. In addition he is a regular media commentator on economic and political affairs, and serves on the advisory board of Horasis, a Swiss based think tank and is a co-host of TEDxZurich. Guy completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University where he studied at Brasenose College with the British Prime Minister David Cameron. Upon graduating, he was co-awarded the George Webb Medley prize for the best performance in that year in Economics.

Adam Steiner is CEO of SVG Investment Managers, which he was instrumental in establishing in 2002. Prior to joining, he was a director of UBS Global Asset Management where he was responsible for the management of over £1 billion of UK Smaller Companies equities and, previously, over £1.5 billion of Pan-Asian Equities. Adam achieved his AIIMR qualification and has a degree in History from Bristol University.

Glenn Surowiec started GDS Investments in 2012. From 2001 to 2012, he worked for Alsin Capital Management, Inc. as an Equity Research Analyst (2001-2003), Co-Portfolio Manager (2003-2008), and most recently as Portfolio Manager (2008 to 2012). In his latest role, he worked directly with clients in developing and managing portfolios specific to their needs and objectives. Before joining ACM, Glenn worked as a Derivatives Structuring Manager for Enron Corp. and as a Commercial Real Estate Credit Analyst for Commerce Bancorp (now TD Bank). He serves as an advisory board member of Value Conferences, an online-only conference featuring some of the most prestigious value investors across the globe. Glenn has a BA in Management (Accounting concentration) from Gettysburg College and an MBA (Finance concentration) from Southern Methodist University. He graduated in the top 10% of his MBA class and participated in study-abroad programs both as an undergraduate (Seville, Spain) and graduate student (Melbourne, Australia). His hobbies include running, cycling, golfing and youth coaching.

Josh Tarasoff is the general partner of Greenlea Lane Capital Partners, LP, a private investment partnership he founded in 2006. Josh graduated from Duke University in 2001 with a degree in philosophy. He has worked at Goldman Sachs and holds an MBA from Columbia Business School.

Marc Saint John Webb has twenty years’ experience of investing in European equities, starting out as a stockbroker for Warburg Securities in Paris in 1987. He subsequently worked as a research analyst for Schelcher Prince before moving on to small cap stockpicking at Oddo. In 1997, he joined CCF Elysées Bourse as Head of the Small Caps division, where he developed a new research product specifically for smaller companies. He oversaw a number of IPO’s and raised further capital for quoted smaller companies. In 2001, he co-founded Ixis-Rothschild Midcaps, a joint venture specialising in corporate brokerage and research on French mid-sized companies. He joined Argos Managers in 2006 as co-manager of The Argonaut Fund and launched The Family Enterprise Fund in 2007. Born in 1965, Marc studied at Aston Business School in England, Madrid Complutense in Spain and INSEAD in France. He holds the diploma of the SFAF (French analysts’ association).

Stuart Widdowson joined SVG Investment Managers in 2006 as an Investment Manager. Prior to joining, he spent five years working at HgCapital, most recently as an Associate Director where he advised on the origination, sourcing and deal execution of private equity opportunities. Previously Stuart was a strategy consultant advising private equity firms. He has a degree in Business Economics from Exeter University.